Prompt remittance definition

Prompt remittance means remittance of premium monies to carriers or insureds not later than the close of the fifth business day following receipt of the funds. The term "business day" does not include Saturdays, Sundays, or legal holidays.
View Source
Prompt remittance means remittance of premium monies to carriers or insureds not later than the close of the fifth business day following receipt of the funds.
View Source

Examples of Prompt remittance in a sentence

  • Prompt remittance of contributions as defined by the Internal Revenue Code from participants will be made to the third party administrator.

  • Prompt remittance (as defined by the Internal Revenue Code) of employee contributions shall be made to the third-party administrator.

  • Prompt remittance (as defined by the Internal Revenue Code) of employee contributions shall be made to the third- party administrator.

  • Prompt remittance of contributions as defined by the Internal Revenue Code from participants will be made to the third-party administrator.

Related to Prompt remittance

  • Daily Remittance is defined in Section 6.11(a) of the Servicing Agreement.

  • money remittance means a payment service where funds are received from a payer, without any payment accounts being created in the name of the payer or the payee, for the sole purpose of transferring a corresponding amount to a payee or to another payment service provider acting on behalf of the payee, and/or where such funds are received on behalf of and made available to the payee;

  • Monthly Remittance Amount The sum of the Group I Monthly Remittance Amount and the Group II Monthly Remittance Amount.

  • Monthly Remittance Date The 18th day of each month, or if the 18th day is not a Business Day, the preceding Business Day.

  • Remittance As defined in Section 7.02(b) hereof.